Instructions For Form 20-S - Oregon S-Corporation Tax Return

Credits

What’s new?

Important: Attach copies of all credit certifications to your

General

return when claiming any certified credit.

Tie to federal tax law

Biomass production or collection credit

In general, Oregon income tax law is based on federal

Beginning on January 1, 2014, the biomass production or

income tax law. Oregon is tied to the federal definition of

collection credit isn’t allowed for canola grown, collected

taxable income as of December 31, 2013; however Oregon

or produced in the Willamette Valley. (ORS 315.141)

is still disconnected from:

•

Federal subsidies for prescription drug plans.

Crop donation credit

(IRC§139A; ORS 317.401)

For tax years beginning on or after January 1, 2014, and

•

Domestic production activities. (QPAI) (IRC §199;

before January 1, 2020, the amount of the credit has been

ORS 317.398)

increased from 10 percent of the value of the quantity

•

Deferral of certain deductions for tax years begin-

of the crop donated computed at the wholesale market

ning on or after January 1, 2009 and before January 1,

price to 15 percent. (ORS 315.156)

2011 may require subsequent Oregon modifications.

(IRC §108; §168(k); and §179; ORS 317.301)

Oregon surplus rebate credit

Interstate broadcasters (HB 4138)

Tax biennia beginning on or after July 1, 2013, Oregon

For tax years beginning on or after January 1, 2014 and

surplus revenues will no longer be credited to corpo-

before January 1, 2017, an interstate broadcaster’s appor-

rate taxpayers when actual revenues exceed the revenue

tionment will be determined based on the broadcaster’s

forecast for the biennium by more than 2 percent. Any

customers who are domiciled in Oregon. For tax years

future excess corporate revenues will be appropriated to

beginning on or after January 1, 2017, the method of

the State School Fund. (ORS 291.349)

apportionment of business income for the interstate

broadcaster will revert to pre-HB 4138 law and will be

Qualified equity investment tax credit

based on an estimate of Oregon’s national audience or

You can carry forward unused credits for up to five

subscribers’ share. (ORS 314.684 and 314.680)

years on investments made on or after January 1, 2014

For more information, see “Special filing requirements”

and before July 1, 2016. For more information on qualify-

in Form 20 Instructions, Oregon 2014 Corporation Excise Tax

ing investments and entities, visit

Form 20 Instructions, 150-102-020-1.

(ORS 315.533)

Refund applications

University venture development fund contribution credit

You may elect to apply part or all of your refund to your

For tax years beginning on or after January 1, 2014, the

next estimated tax payment installment. Your election is

university venture development fund contribution credit

irrevocable.

shall be claimed in three consecutive tax years begin-

We will apply the elected amount to the estimated tax

ning with the year in which the credit’s initially allowed.

installment that next becomes due on or after the due

(ORS 315.521)

date of your return (not including extensions) or the date

the overpayment of tax was made, whichever is later. The

Tax credit sunsets

application will be credited as of the due date of your

Beginning January 1, 2014, the following tax credits aren’t

return (not including extensions) or the date the over-

available, except for applicable carryforward purposes:

payment of tax was made, whichever is later. See the

instructions for Line 27.

• Agricultural Workforce Housing Lender’s Credit, ORS

Repeal of ORS 317.057

317.147.

(Exemption for certain out-of-state financial institutions)

• Contributions of Computers and Scientific Equipment

Credit, ORS 317.151.

For tax years starting January 1, 2014 and later, exemp-

• Workers’ Compensation Credit, ORS 317.122 (for 20-INS

tion from corporation tax for certain out-of-state finan-

cial institutions is no longer available. (ORS 317.057)

only).

150-102-025-1 (Rev. 10-14)

Form 20-S Instructions

Instructions For Form 20-S - Oregon S-Corporation Tax Return - 2014 Page 2

Related Articles

Related forms

Related Categories